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Loans and Asset Quality Information (Tables) | 9 Months Ended
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Sep. 30, 2014
Loans And Asset Quality Information Tables |
Summary of the major categories of total loans outstanding | The following is a summary of the major categories of total loans outstanding:
($ in thousands) |  | September 30, 2014 |  | December 31, 2013 |  | September 30, 2013
|  | Amount |  | Percentage |  | Amount |  | Percentage |  | Amount |  | Percentage
All loans (non-covered and covered): |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 165,215 |  |  |  | 7 | % |  | $ | 168,469 |  |  |  | 7 | % |  | $ | 166,044 |  |  |  | 7 | %
Real estate – construction, land development & other land loans |  |  | 298,091 |  |  |  | 13 | % |  |  | 305,246 |  |  |  | 12 | % |  |  | 296,731 |  |  |  | 12 | %
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 806,954 |  |  |  | 33 | % |  |  | 838,862 |  |  |  | 34 | % |  |  | 839,273 |  |  |  | 34 | %
Real estate – mortgage – home equity loans / lines of credit |  |  | 224,553 |  |  |  | 9 | % |  |  | 227,907 |  |  |  | 9 | % |  |  | 229,559 |  |  |  | 9 | %
Real estate – mortgage – commercial and other |  |  | 879,122 |  |  |  | 36 | % |  |  | 855,249 |  |  |  | 35 | % |  |  | 841,674 |  |  |  | 35 | %
Installment loans to individuals |  |  | 51,425 |  |  |  | 2 | % |  |  | 66,533 |  |  |  | 3 | % |  |  | 67,777 |  |  |  | 3 | %
Subtotal |  |  | 2,425,360 |  |  |  | 100 | % |  |  | 2,462,266 |  |  |  | 100 | % |  |  | 2,441,058 |  |  |  | 100 | %
Unamortized net deferred loan costs |  |  | 730 |  |  |  |  |  |  |  | 928 |  |  |  |  |  |  |  | 1,024 |  |  |  |  |
Total loans |  | $ | 2,426,090 |  |  |  |  |  |  | $ | 2,463,194 |  |  |  |  |  |  | $ | 2,442,082 |  |  |  |  |
Summary of the major categories of non-covered loans outstanding | The following is a summary of the major categories of non-covered loans outstanding:
($ in thousands) |  | September 30, 2014 |  | December 31, 2013 |  | September 30, 2013
|  | Amount |  | Percentage |  | Amount |  | Percentage |  | Amount |  | Percentage
Non-covered loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 162,994 |  |  |  | 7 | % |  | $ | 164,195 |  |  |  | 7 | % |  | $ | 161,552 |  |  |  | 7 | %
Real estate – construction, land development & other land loans |  |  | 292,401 |  |  |  | 13 | % |  |  | 273,412 |  |  |  | 12 | % |  |  | 261,457 |  |  |  | 12 | %
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 714,879 |  |  |  | 31 | % |  |  | 730,712 |  |  |  | 32 | % |  |  | 722,716 |  |  |  | 33 | %
Real estate – mortgage – home equity loans / lines of credit |  |  | 211,477 |  |  |  | 9 | % |  |  | 213,016 |  |  |  | 10 | % |  |  | 213,026 |  |  |  | 10 | %
Real estate – mortgage – commercial and other |  |  | 858,935 |  |  |  | 38 | % |  |  | 804,621 |  |  |  | 36 | % |  |  | 788,240 |  |  |  | 35 | %
Installment loans to individuals |  |  | 51,425 |  |  |  | 2 | % |  |  | 66,001 |  |  |  | 3 | % |  |  | 67,158 |  |  |  | 3 | %
Subtotal |  |  | 2,292,111 |  |  |  | 100 | % |  |  | 2,251,957 |  |  |  | 100 | % |  |  | 2,214,149 |  |  |  | 100 | %
Unamortized net deferred loan costs |  |  | 730 |  |  |  |  |  |  |  | 928 |  |  |  |  |  |  |  | 1,024 |  |  |  |  |
Total non-covered loans |  | $ | 2,292,841 |  |  |  |  |  |  | $ | 2,252,885 |  |  |  |  |  |  | $ | 2,215,173 |  |  |  |  |
Schedule of the carrying amount of the covered loans | The carrying amount of the covered loans at September 30, 2014 consisted of impaired and nonimpaired purchased loans (as determined on the date of acquisition), as follows:
$ in thousands) |  |  | Impaired Purchased Loans – Carrying Value |  |  |  | Impaired Purchased Loans – Unpaid Principal Balance |  |  |  | Nonimpaired Purchased Loans – Carrying Value |  |  |  | Nonimpaired Purchased Loans - Unpaid Principal Balance |  |  |  | Total Covered Loans – Carrying Value |  |  |  | Total Covered Loans – Unpaid Principal Balance
Covered loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 68 |  |  |  | 125 |  |  |  | 2,153 |  |  |  | 2,243 |  |  |  | 2,221 |  |  |  | 2,368
Real estate – construction, land development & other land loans |  |  | 316 |  |  |  | 540 |  |  |  | 5,374 |  |  |  | 6,970 |  |  |  | 5,690 |  |  |  | 7,510
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 387 |  |  |  | 1,310 |  |  |  | 91,688 |  |  |  | 107,669 |  |  |  | 92,075 |  |  |  | 108,979
Real estate – mortgage – home equity loans / lines of credit |  |  | 12 |  |  |  | 19 |  |  |  | 13,064 |  |  |  | 15,485 |  |  |  | 13,076 |  |  |  | 15,504
Real estate – mortgage – commercial and other |  |  | 1,255 |  |  |  | 3,231 |  |  |  | 18,932 |  |  |  | 21,362 |  |  |  | 20,187 |  |  |  | 24,593
Total |  | $ | 2,038 |  |  |  | 5,225 |  |  |  | 131,211 |  |  |  | 153,729 |  |  |  | 133,249 |  |  |  | 158,954
The carrying amount of the covered loans at December 31, 2013 consisted of impaired and nonimpaired purchased loans (as determined on the date of the acquisition), as follows:
$ in thousands) |  |  | Impaired Purchased Loans – Carrying Value |  |  |  | Impaired Purchased Loans – Unpaid Principal Balance |  |  |  | Nonimpaired Purchased Loans – Carrying Value |  |  |  | Nonimpaired Purchased Loans - Unpaid Principal Balance |  |  |  | Total Covered Loans – Carrying Value |  |  |  | Total Covered Loans – Unpaid Principal Balance
Covered loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 75 |  |  |  | 136 |  |  |  | 4,199 |  |  |  | 5,268 |  |  |  | 4,274 |  |  |  | 5,404
Real estate – construction, land development & other land loans |  |  | 325 |  |  |  | 564 |  |  |  | 31,509 |  |  |  | 47,792 |  |  |  | 31,834 |  |  |  | 48,356
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 575 |  |  |  | 1,500 |  |  |  | 107,575 |  |  |  | 126,882 |  |  |  | 108,150 |  |  |  | 128,382
Real estate – mortgage – home equity loans / lines of credit |  |  | 14 |  |  |  | 21 |  |  |  | 14,877 |  |  |  | 18,318 |  |  |  | 14,891 |  |  |  | 18,339
Real estate – mortgage – commercial and other |  |  | 2,153 |  |  |  | 4,042 |  |  |  | 48,475 |  |  |  | 62,630 |  |  |  | 50,628 |  |  |  | 66,672
Installment loans to individuals |  |  |  |  |  |  |  |  |  |  | 532 |  |  |  | 607 |  |  |  | 532 |  |  |  | 607
Total |  | $ | 3,142 |  |  |  | 6,263 |  |  |  | 207,167 |  |  |  | 261,497 |  |  |  | 210,309 |  |  |  | 267,760
Schedule of covered purchased nonimpaired loans | The following table presents information regarding covered purchased nonimpaired loans since December 31, 2012. The amounts include principal only and do not reflect accrued interest as of the date of the acquisition or beyond.
($ in thousands) |  |
Carrying amount of nonimpaired covered loans at December 31, 2012 |  | $ | 277,489 |
Principal repayments |  |  | (63,588 | )
Transfers to foreclosed real estate |  |  | (13,977 | )
Loan charge-offs |  |  | (12,957 | )
Accretion of loan discount |  |  | 20,200 |
Carrying amount of nonimpaired covered loans at December 31, 2013 |  |  | 207,167 |
Principal repayments |  |  | (43,323 | )
Transfers to foreclosed real estate |  |  | (4,658 | )
Transfers to non-covered loans due to expiration of loss-share agreement |  |  | (38,987 | )
Loan charge-offs |  |  | (2,824 | )
Accretion of loan discount |  |  | 13,836 |
Carrying amount of nonimpaired covered loans at September 30, 2014 |  | $ | 131,211 |
Schedule of purchased impaired loans | The following table presents information regarding all purchased impaired loans since December 31, 2012, the majority of which are covered loans. The Company has applied the cost recovery method to all purchased impaired loans at their respective acquisition dates due to the uncertainty as to the timing of expected cash flows, as reflected in the following table.
($ in thousands) Purchased Impaired Loans |  | Contractual Principal Receivable |  | Fair Market Value Adjustment – Write Down (Nonaccretable Difference) |  | Carrying Amount
Balance at December 31, 2012 |  | $ | 8,815 |  |  |  | 3,990 |  |  |  | 4,825 |
Change due to payments received |  |  | (301 | ) |  |  | (31 | ) |  |  | (270 | )
Transfer to foreclosed real estate |  |  | (2,100 | ) |  |  | (784 | ) |  |  | (1,316 | )
Change due to loan charge-off |  |  | (150 | ) |  |  | (54 | ) |  |  | (96 | )
Other |  |  | (1 | ) |  |  |  |  |  |  | (1 | )
Balance at December 31, 2013 |  | $ | 6,263 |  |  |  | 3,121 |  |  |  | 3,142 |
Change due to payments received |  |  | (548 | ) |  |  | 173 |  |  |  | (721 | )
Change due to loan charge-off |  |  | (2 | ) |  |  | 29 |  |  |  | (31 | )
Other |  |  | 197 |  |  |  | (115 | ) |  |  | 312 |
Balance at September 30, 2014 |  | $ | 5,910 |  |  |  | 3,208 |  |  |  | 2,702 |
Summary of nonperforming assets | Nonperforming assets are defined as nonaccrual loans, restructured loans, loans past due 90 or more days and still accruing interest, nonperforming loans held for sale, and foreclosed real estate. Nonperforming assets are summarized as follows:
ASSET QUALITY DATA ($ in thousands) |  | September 30, 2014 |  | December 31, 2013 |  | September 30, 2013
Non-covered nonperforming assets |  |  |  |  |  |
Nonaccrual loans |  | $ | 53,620 |  |  | $ | 41,938 |  |  | $ | 40,711 |
Restructured loans - accruing |  |  | 31,501 |  |  |  | 27,776 |  |  |  | 27,656 |
Accruing loans > 90 days past due |  |  |  |  |  |  |  |  |  |  |  |
Total non-covered nonperforming loans |  |  | 85,121 |  |  |  | 69,714 |  |  |  | 68,367 |
Foreclosed real estate |  |  | 11,705 |  |  |  | 12,251 |  |  |  | 15,098 |
Total non-covered nonperforming assets |  | $ | 96,826 |  |  | $ | 81,965 |  |  | $ | 83,465 |
Covered nonperforming assets |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual loans (1) |  | $ | 10,478 |  |  | $ | 37,217 |  |  | $ | 47,233 |
Restructured loans - accruing |  |  | 6,273 |  |  |  | 8,909 |  |  |  | 6,537 |
Accruing loans > 90 days past due |  |  |  |  |  |  |  |  |  |  |  |
Total covered nonperforming loans |  |  | 16,751 |  |  |  | 46,126 |  |  |  | 53,770 |
Foreclosed real estate |  |  | 3,237 |  |  |  | 24,497 |  |  |  | 29,193 |
Total covered nonperforming assets |  | $ | 19,988 |  |  | $ | 70,623 |  |  | $ | 82,963 |
Total nonperforming assets |  | $ | 116,814 |  |  | $ | 152,588 |  |  | $ | 166,428 |
Schedule of nonaccrual loans | The following table presents the Company's nonaccrual loans as of September 30, 2014.
($ in thousands) |  |  | Non-covered |  |  |  | Covered |  |  |  | Total |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |
Commercial – unsecured |  | $ | 249 |  |  |  | 3 |  |  |  | 252 |
Commercial – secured |  |  | 3,498 |  |  |  | 273 |  |  |  | 3,771 |
Secured by inventory and accounts receivable |  |  | 391 |  |  |  | 6 |  |  |  | 397 |
Real estate – construction, land development & other land loans |  |  | 10,364 |  |  |  | 1,492 |  |  |  | 11,856 |
Real estate – residential, farmland and multi-family |  |  | 25,118 |  |  |  | 6,054 |  |  |  | 31,172 |
Real estate – home equity lines of credit |  |  | 2,317 |  |  |  | 237 |  |  |  | 2,554 |
Real estate – commercial |  |  | 11,132 |  |  |  | 2,413 |  |  |  | 13,545 |
Consumer |  |  | 551 |  |  |  |  |  |  |  | 551 |
Total |  | $ | 53,620 |  |  |  | 10,478 |  |  |  | 64,098 |
The following table presents the Company's nonaccrual loans as of December 31, 2013.
($ in thousands) |  |  | Non-covered |  |  |  | Covered |  |  |  | Total |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |
Commercial – unsecured |  | $ | 222 |  |  |  | 38 |  |  |  | 260 |
Commercial – secured |  |  | 2,662 |  |  |  | 114 |  |  |  | 2,776 |
Secured by inventory and accounts receivable |  |  | 545 |  |  |  | 782 |  |  |  | 1,327 |
Real estate – construction, land development & other land loans |  |  | 8,055 |  |  |  | 13,502 |  |  |  | 21,557 |
Real estate – residential, farmland and multi-family |  |  | 17,814 |  |  |  | 12,344 |  |  |  | 30,158 |
Real estate – home equity lines of credit |  |  | 2,200 |  |  |  | 335 |  |  |  | 2,535 |
Real estate – commercial |  |  | 10,115 |  |  |  | 10,099 |  |  |  | 20,214 |
Consumer |  |  | 325 |  |  |  | 3 |  |  |  | 328 |
Total |  | $ | 41,938 |  |  |  | 37,217 |  |  |  | 79,155 |
Schedule of analysis of the payment status of loans | The following table presents an analysis of the payment status of the Company's loans as of September 30, 2014.
($ in thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Nonaccrual Loans |  | Current |  | Total Loans Receivable
Non-covered loans |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |
Commercial - unsecured |  | $ | 54 |  |  |  | 67 |  |  |  | 249 |  |  |  | 33,353 |  |  |  | 33,723 |
Commercial - secured |  |  | 1,079 |  |  |  | 21 |  |  |  | 3,498 |  |  |  | 110,806 |  |  |  | 115,404 |
Secured by inventory and accounts receivable |  |  | 176 |  |  |  | − |  |  |  | 391 |  |  |  | 20,954 |  |  |  | 21,521 |
Real estate – construction, land development & other land loans |  |  | 1,312 |  |  |  | 105 |  |  |  | 10,364 |  |  |  | 254,638 |  |  |  | 266,419 |
Real estate – residential, farmland, and multi-family |  |  | 8,883 |  |  |  | 2,119 |  |  |  | 25,118 |  |  |  | 824,098 |  |  |  | 860,218 |
Real estate – home equity lines of credit |  |  | 1,624 |  |  |  | 61 |  |  |  | 2,317 |  |  |  | 194,975 |  |  |  | 198,977 |
Real estate - commercial |  |  | 2,454 |  |  |  | 1,658 |  |  |  | 11,132 |  |  |  | 736,864 |  |  |  | 752,108 |
Consumer |  |  | 281 |  |  |  | 242 |  |  |  | 551 |  |  |  | 42,667 |  |  |  | 43,741 |
Total non-covered |  | $ | 15,863 |  |  |  | 4,273 |  |  |  | 53,620 |  |  |  | 2,218,355 |  |  |  | 2,292,111 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 730 |
Total non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,292,841 |
Covered loans |  | $ | 789 |  |  |  | 528 |  |  |  | 10,478 |  |  |  | 121,454 |  |  |  | 133,249 |
Total loans |  | $ | 16,652 |  |  |  | 4,801 |  |  |  | 64,098 |  |  |  | 2,339,809 |  |  |  | 2,426,090 |
The following table presents an analysis of the payment status of the Company's loans as of December 31, 2013.
($ in thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Nonaccrual Loans |  | Current |  | Total Loans Receivable
Non-covered loans |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |
Commercial - unsecured |  | $ | 347 |  |  |  | 94 |  |  |  | 222 |  |  |  | 36,352 |  |  |  | 37,015 |
Commercial - secured |  |  | 1,233 |  |  |  | 462 |  |  |  | 2,662 |  |  |  | 117,923 |  |  |  | 122,280 |
Secured by inventory and accounts receivable |  |  | 438 |  |  |  | 767 |  |  |  | 545 |  |  |  | 19,426 |  |  |  | 21,176 |
Real estate – construction, land development & other land loans |  |  | 2,304 |  |  |  | 1,391 |  |  |  | 8,055 |  |  |  | 232,920 |  |  |  | 244,670 |
Real estate – residential, farmland, and multi-family |  |  | 11,682 |  |  |  | 2,631 |  |  |  | 17,814 |  |  |  | 837,260 |  |  |  | 869,387 |
Real estate – home equity lines of credit |  |  | 1,465 |  |  |  | 305 |  |  |  | 2,200 |  |  |  | 194,157 |  |  |  | 198,127 |
Real estate - commercial |  |  | 3,196 |  |  |  | 214 |  |  |  | 10,115 |  |  |  | 696,081 |  |  |  | 709,606 |
Consumer |  |  | 494 |  |  |  | 187 |  |  |  | 325 |  |  |  | 48,690 |  |  |  | 49,696 |
Total non-covered |  | $ | 21,159 |  |  |  | 6,051 |  |  |  | 41,938 |  |  |  | 2,182,809 |  |  |  | 2,251,957 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 928 |
Total non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,252,885 |
Covered loans |  | $ | 5,179 |  |  |  | 768 |  |  |  | 37,217 |  |  |  | 167,145 |  |  |  | 210,309 |
Total loans |  | $ | 26,338 |  |  |  | 6,819 |  |  |  | 79,155 |  |  |  | 2,349,954 |  |  |  | 2,463,194 |
Schedule of activity in the allowance for loan losses for non-covered loans | The following table presents the activity in the allowance for loan losses for non-covered loans for the three and nine months ended September 30, 2014.
($ in thousands) |  | Commercial, Financial, and Agricultural |  | Real Estate – Construction, Land Development, & Other Land Loans |  | Real Estate – Residential, Farmland, and Multi- family |  | Real Estate – Home Equity Lines of Credit |  | Real Estate – Commercial and Other |  | Consumer |  | Unallo- cated |  | Total
As of and for the three months ended September 30, 2014 |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 8,948 |  |  |  | 7,414 |  |  |  | 11,132 |  |  |  | 3,755 |  |  |  | 9,212 |  |  |  | 906 |  |  |  | 599 |  |  |  | 41,966 |
Charge-offs |  |  | (840) |  |  |  | (470) |  |  |  | (874) |  |  |  | (116) |  |  |  | (987) |  |  |  | (463) |  |  |  | − |  |  |  | (3,750) |
Recoveries |  |  | 32 |  |  |  | 40 |  |  |  | 111 |  |  |  | 7 |  |  |  | 14 |  |  |  | 128 |  |  |  | − |  |  |  | 332 |
Transfer from covered category |  |  | 36 |  |  |  | 813 |  |  |  | 51 |  |  |  | − |  |  |  | 833 |  |  |  | 4 |  |  |  | − |  |  |  | 1,737 |
Provisions |  |  | 1,185 |  |  |  | (574) |  |  |  | (194) |  |  |  | 49 |  |  |  | 971 |  |  |  | 343 |  |  |  | (501) |  |  |  | 1,279 |
Ending balance |  | $ | 9,361 |  |  |  | 7,223 |  |  |  | 10,226 |  |  |  | 3,695 |  |  |  | 10,043 |  |  |  | 918 |  |  |  | 98 |  |  |  | 41,564 |
As of and for the nine months ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 7,432 |  |  |  | 12,966 |  |  |  | 15,142 |  |  |  | 1,838 |  |  |  | 5,524 |  |  |  | 1,513 |  |  |  | (152) |  |  |  | 44,263 |
Charge-offs |  |  | (3,506) |  |  |  | (1,704) |  |  |  | (2,505) |  |  |  | (619) |  |  |  | (1,876) |  |  |  | (1,262) |  |  |  | − |  |  |  | (11,472) |
Recoveries |  |  | 81 |  |  |  | 349 |  |  |  | 290 |  |  |  | 18 |  |  |  | 135 |  |  |  | 361 |  |  |  | − |  |  |  | 1,234 |
Transfer from covered category |  |  | 36 |  |  |  | 813 |  |  |  | 51 |  |  |  | − |  |  |  | 833 |  |  |  | 4 |  |  |  | − |  |  |  | 1,737 |
Provisions |  |  | 5,318 |  |  |  | (5,201) |  |  |  | (2,752) |  |  |  | 2,458 |  |  |  | 5,427 |  |  |  | 302 |  |  |  | 250 |  |  |  | 5,802 |
Ending balance |  | $ | 9,361 |  |  |  | 7,223 |  |  |  | 10,226 |  |  |  | 3,695 |  |  |  | 10,043 |  |  |  | 918 |  |  |  | 98 |  |  |  | 41,564 |
Ending balances as of September 30, 2014: Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 381 |  |  |  | 513 |  |  |  | 1,771 |  |  |  | − |  |  |  | 229 |  |  |  | 20 |  |  |  | − |  |  |  | 2,914 |
Collectively evaluated for impairment |  | $ | 8,980 |  |  |  | 6,710 |  |  |  | 8,455 |  |  |  | 3,695 |  |  |  | 9,814 |  |  |  | 898 |  |  |  | 98 |  |  |  | 38,650 |
Loans acquired with deteriorated credit quality |  | $ | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |
Loans receivable as of September 30, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance – total |  | $ | 170,648 |  |  |  | 266,419 |  |  |  | 860,218 |  |  |  | 198,977 |  |  |  | 752,108 |  |  |  | 43,741 |  |  |  | − |  |  |  | 2,292,111 |
Ending balances as of September 30, 2014: Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 972 |  |  |  | 8,613 |  |  |  | 24,233 |  |  |  | 481 |  |  |  | 20,128 |  |  |  | 34 |  |  |  | − |  |  |  | 54,461 |
Collectively evaluated for impairment |  | $ | 169,676 |  |  |  | 257,806 |  |  |  | 835,985 |  |  |  | 198,496 |  |  |  | 731,316 |  |  |  | 43,707 |  |  |  | − |  |  |  | 2,236,986 |
Loans acquired with deteriorated credit quality |  | $ | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | 664 |  |  |  | − |  |  |  | − |  |  |  | 664 |
The following table presents the activity in the allowance for loan losses for non-covered loans for the year ended December 31, 2013.
($ in thousands) |  | Commercial, Financial, and Agricultural |  | Real Estate – Construction, Land Development, & Other Land Loans |  | Real Estate – Residential, Farmland, and Multi- family |  | Real Estate – Home Equity Lines of Credit |  | Real Estate – Commercial and Other |  | Consumer |  | Unallo- cated |  | Total
As of and for the year ended December 31, 2013 |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,687 |  |  |  | 12,856 |  |  |  | 14,082 |  |  |  | 1,884 |  |  |  | 5,247 |  |  |  | 1,939 |  |  |  | 948 |  |  |  | 41,643 |
Charge-offs |  |  | (4,418) |  |  |  | (2,739) |  |  |  | (3,732) |  |  |  | (1,314) |  |  |  | (4,346) |  |  |  | (2,174) |  |  |  | (660) |  |  |  | (19,383) |
Recoveries |  |  | 299 |  |  |  | 743 |  |  |  | 753 |  |  |  | 87 |  |  |  | 1,381 |  |  |  | 474 |  |  |  | − |  |  |  | 3,737 |
Provisions |  |  | 6,864 |  |  |  | 2,106 |  |  |  | 4,039 |  |  |  | 1,181 |  |  |  | 3,242 |  |  |  | 1,274 |  |  |  | (440) |  |  |  | 18,266 |
Ending balance |  | $ | 7,432 |  |  |  | 12,966 |  |  |  | 15,142 |  |  |  | 1,838 |  |  |  | 5,524 |  |  |  | 1,513 |  |  |  | (152) |  |  |  | 44,263 |
Ending balances as of December 31, 2013: Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 202 |  |  |  | 544 |  |  |  | 1,162 |  |  |  | 1 |  |  |  | 649 |  |  |  | 1 |  |  |  | − |  |  |  | 2,559 |
Collectively evaluated for impairment |  | $ | 7,230 |  |  |  | 12,422 |  |  |  | 13,980 |  |  |  | 1,837 |  |  |  | 4,875 |  |  |  | 1,512 |  |  |  | (152) |  |  |  | 41,704 |
Loans acquired with deteriorated credit quality |  | $ | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |
Loans receivable as of December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance – total |  | $ | 180,471 |  |  |  | 244,670 |  |  |  | 869,387 |  |  |  | 198,127 |  |  |  | 709,606 |  |  |  | 49,696 |  |  |  | − |  |  |  | 2,251,957 |
Ending balances as of December 31, 2013: Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 582 |  |  |  | 8,027 |  |  |  | 19,111 |  |  |  | 22 |  |  |  | 16,894 |  |  |  | 13 |  |  |  | − |  |  |  | 44,649 |
Collectively evaluated for impairment |  | $ | 179,889 |  |  |  | 236,643 |  |  |  | 850,276 |  |  |  | 198,105 |  |  |  | 692,712 |  |  |  | 49,683 |  |  |  | − |  |  |  | 2,207,308 |
Loans acquired with deteriorated credit quality |  | $ | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |
The following table presents the activity in the allowance for loan losses for non-covered loans for the three and nine months ended September 30, 2013.
($ in thousands) |  | Commercial, Financial, and Agricultural |  | Real Estate – Construction, Land Development, & Other Land Loans |  | Real Estate – Residential, Farmland, and Multi- family |  | Real Estate – Home Equity Lines of Credit |  | Real Estate – Commercial and Other |  | Consumer |  | Unallo- cated |  | Total
As of and for the three months ended September 30, 2013 |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,960 |  |  |  | 14,593 |  |  |  | 14,961 |  |  |  | 2,061 |  |  |  | 5,239 |  |  |  | 1,703 |  |  |  | 299 |  |  |  | 44,816 |
Charge-offs |  |  | (1,205 | ) |  |  | (800 | ) |  |  | (893 | ) |  |  | (200 | ) |  |  | (1,473 | ) |  |  | (593 | ) |  |  | − |  |  |  | (5,164 | )
Recoveries |  |  | 28 |  |  |  | 91 |  |  |  | 60 |  |  |  | 6 |  |  |  | 27 |  |  |  | 124 |  |  |  | − |  |  |  | 336 |
Provisions |  |  | 1,618 |  |  |  | (1,224 | ) |  |  | 671 |  |  |  | 193 |  |  |  | 1,517 |  |  |  | 377 |  |  |  | 335 |  |  |  | 3,487 |
Ending balance |  | $ | 6,401 |  |  |  | 12,660 |  |  |  | 14,799 |  |  |  | 2,060 |  |  |  | 5,310 |  |  |  | 1,611 |  |  |  | 634 |  |  |  | 43,475 |
As of and for the nine months ended September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,687 |  |  |  | 12,856 |  |  |  | 14,082 |  |  |  | 1,884 |  |  |  | 5,247 |  |  |  | 1,939 |  |  |  | 948 |  |  |  | 41,643 |
Charge-offs |  |  | (2,589 | ) |  |  | (2,017 | ) |  |  | (2,548 | ) |  |  | (1,089 | ) |  |  | (3,920 | ) |  |  | (1,683 | ) |  |  | (659 | ) |  |  | (14,505 | )
Recoveries |  |  | 261 |  |  |  | 708 |  |  |  | 723 |  |  |  | 68 |  |  |  | 909 |  |  |  | 367 |  |  |  | − |  |  |  | 3,036 |
Provisions |  |  | 4,042 |  |  |  | 1,113 |  |  |  | 2,542 |  |  |  | 1,197 |  |  |  | 3,074 |  |  |  | 988 |  |  |  | 345 |  |  |  | 13,301 |
Ending balance |  | $ | 6,401 |  |  |  | 12,660 |  |  |  | 14,799 |  |  |  | 2,060 |  |  |  | 5,310 |  |  |  | 1,611 |  |  |  | 634 |  |  |  | 43,475 |
Ending balances as of September 30, 2013: Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 140 |  |  |  | 329 |  |  |  | 1,298 |  |  |  | 1 |  |  |  | 700 |  |  |  | 2 |  |  |  | − |  |  |  | 2,470 |
Collectively evaluated for impairment |  | $ | 6,261 |  |  |  | 12,331 |  |  |  | 13,501 |  |  |  | 2,059 |  |  |  | 4,610 |  |  |  | 1,609 |  |  |  | 634 |  |  |  | 41,005 |
Loans acquired with deteriorated credit quality |  | $ | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |
Loans receivable as of September 30, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance – total |  | $ | 178,396 |  |  |  | 232,670 |  |  |  | 859,330 |  |  |  | 197,697 |  |  |  | 695,734 |  |  |  | 50,322 |  |  |  | − |  |  |  | 2,214,149 |
Ending balances as of September 30, 2013: Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 1,295 |  |  |  | 8,069 |  |  |  | 19,903 |  |  |  | 22 |  |  |  | 21,543 |  |  |  | 14 |  |  |  | − |  |  |  | 50,846 |
Collectively evaluated for impairment |  | $ | 177,101 |  |  |  | 224,601 |  |  |  | 839,427 |  |  |  | 197,675 |  |  |  | 674,191 |  |  |  | 50,308 |  |  |  | − |  |  |  | 2,163,303 |
Loans acquired with deteriorated credit quality |  | $ | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |
Schedule of activity in the allowance for loan losses for covered loans | The following table presents the activity in the allowance for loan losses for covered loans for the three and nine months ended September 30, 2014.
($ in thousands) |  | Covered Loans
As of and for the three months ended September 30, 2014
Beginning balance |  | $ | 3,830
Charge-offs |  |  | (195)
Recoveries |  |  | 463
Transferred to non-covered |  |  | (1,737)
Provisions |  |  | 206
Ending balance |  | $ | 2,567
As of and for the nine months ended September 30, 2014 |  |  |  |
Beginning balance |  | $ | 4,242
Charge-offs |  |  | (5,865)
Recoveries |  |  | 3,010
Transferred to non-covered |  |  | (1,737)
Provisions |  |  | 2,917
Ending balance |  | $ | 2,567
Ending balances as of September 30, 2014: Allowance for loan losses |  |  |  |
Individually evaluated for impairment |  | $ | 1,537
Collectively evaluated for impairment |  |  | 1,003
Loans acquired with deteriorated credit quality |  |  | 27
Loans receivable as of September 30, 2014: |  |  |  |
Ending balance – total |  | $ | 133,249
Ending balances as of September 30, 2014: Loans |  |  |  |
Individually evaluated for impairment |  | $ | 11,258
Collectively evaluated for impairment |  |  | 119,953
Loans acquired with deteriorated credit quality |  |  | 2,038
The following table presents the activity in the allowance for loan losses for covered loans for the year ended December 31, 2013.
($ in thousands) |  | Covered Loans
As of and for the year ended December 31, 2013
Beginning balance |  | $ | 4,759
Charge-offs |  |  | (13,053)
Recoveries |  |  | 186
Provisions |  |  | 12,350
Ending balance |  | $ | 4,242
Ending balances as of December 31, 2013: Allowance for loan losses |  |  |
Individually evaluated for impairment |  | $ | 3,112
Collectively evaluated for impairment |  |  | 1,105
Loans acquired with deteriorated credit quality |  |  | 25
Loans receivable as of December 31, 2013: |  |  |
Ending balance – total |  | $ | 210,309
Ending balances as of December 31, 2013: Loans |  |  |
Individually evaluated for impairment |  | $ | 43,107
Collectively evaluated for impairment |  |  | 164,060
Loans acquired with deteriorated credit quality |  |  | 3,142
The following table presents the activity in the allowance for loan losses for covered loans for the three and nine months ended September 30, 2013.
($ in thousands) |  | Covered Loans
As of and for the three months ended September 30, 2013
Beginning balance |  | $ | 6,035
Charge-offs |  |  | (3,446)
Recoveries |  |  | 134
Provisions |  |  | 1,493
Ending balance |  | $ | 4,216
As of and for the nine months ended September 30, 2013 |  |  |  |
Beginning balance |  | $ | 4,759
Charge-offs |  |  | (9,096)
Recoveries |  |  | 134
Provisions |  |  | 8,419
Ending balance |  | $ | 4,216
Ending balances as of September 30, 2013: Allowance for loan losses |  |  |
Individually evaluated for impairment |  | $ | 2,444
Collectively evaluated for impairment |  |  | 1,772
Loans acquired with deteriorated credit quality |  |  | −
Loans receivable as of September 30, 2013: |  |  |
Ending balance – total |  | $ | 226,909
Ending balances as of September 30, 2013: Loans |  |  |
Individually evaluated for impairment |  | $ | 50,734
Collectively evaluated for impairment |  |  | 173,028
Loans acquired with deteriorated credit quality |  |  | 3,147
Schedule of impaired loans | The following table presents the Company's impaired loans as of September 30, 2014.
($ in thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment
Non-covered loans with no related allowance recorded: |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |
Commercial - unsecured |  | $ | − |  |  | − |  |  | − |  |  | 16
Commercial - secured |  |  | 69 |  |  | 72 |  |  | − |  |  | 118
Secured by inventory and accounts receivable |  |  | − |  |  | − |  |  | − |  |  | −
Real estate – construction, land development & other land loans |  |  | 7,410 |  |  | 10,679 |  |  | − |  |  | 6,318
Real estate – residential, farmland, and multi-family |  |  | 10,300 |  |  | 12,547 |  |  | − |  |  | 7,428
Real estate – home equity lines of credit |  |  | 481 |  |  | 498 |  |  | − |  |  | 366
Real estate – commercial |  |  | 15,998 |  |  | 18,831 |  |  | − |  |  | 10,537
Consumer |  |  | 9 |  |  | 11 |  |  | − |  |  | 8
Total non-covered impaired loans with no allowance |  | $ | 34,267 |  |  | 42,638 |  |  | − |  |  | 24,791
Total covered impaired loans with no allowance |  | $ | 5,642 |  |  | 8,015 |  |  | − |  |  | 19,208
Total impaired loans with no allowance recorded |  | $ | 39,909 |  |  | 50,653 |  |  | − |  |  | 43,999
Non-covered loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - unsecured |  | $ | 242 |  |  | 245 |  |  | 202 |  |  | 143
Commercial - secured |  |  | 661 |  |  | 661 |  |  | 179 |  |  | 536
Secured by inventory and accounts receivable |  |  | − |  |  | − |  |  | − |  |  | 19
Real estate – construction, land development & other land loans |  |  | 1,203 |  |  | 1,220 |  |  | 513 |  |  | 1,580
Real estate – residential, farmland, and multi-family |  |  | 13,933 |  |  | 14,133 |  |  | 1,771 |  |  | 14,312
Real estate – home equity lines of credit |  |  | − |  |  | − |  |  | − |  |  | 6
Real estate – commercial |  |  | 4,130 |  |  | 4,223 |  |  | 229 |  |  | 7,150
Consumer |  |  | 25 |  |  | 25 |  |  | 20 |  |  | 10
Total non-covered impaired loans with allowance |  | $ | 20,194 |  |  | 20,507 |  |  | 2,914 |  |  | 23,756
Total covered impaired loans with allowance |  | $ | 5,616 |  |  | 6,149 |  |  | 1,537 |  |  | 9,336
Total impaired loans with an allowance recorded |  | $ | 25,810 |  |  | 26,656 |  |  | 4,451 |  |  | 33,092
Interest income recorded on non-covered and covered impaired loans during the nine months ended September 30, 2014 is considered insignificant. The following table presents the Company's impaired loans as of December 31, 2013.
($ in thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment
Non-covered loans with no related allowance recorded: |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |
Commercial - unsecured |  | $ | − |  |  | − |  |  | − |  |  | −
Commercial - secured |  |  | − |  |  | − |  |  | − |  |  | 334
Secured by inventory and accounts receivable |  |  | − |  |  | − |  |  | − |  |  | −
Real estate – construction, land development & other land loans |  |  | 6,398 |  |  | 6,907 |  |  | − |  |  | 5,005
Real estate – residential, farmland, and multi-family |  |  | 3,883 |  |  | 4,429 |  |  | − |  |  | 2,329
Real estate – home equity lines of credit |  |  | − |  |  | − |  |  | − |  |  | −
Real estate – commercial |  |  | 7,324 |  |  | 9,008 |  |  | − |  |  | 9,981
Consumer |  |  | − |  |  | − |  |  | − |  |  | −
Total non-covered impaired loans with no allowance |  | $ | 17,605 |  |  | 20,344 |  |  | − |  |  | 17,649
Total covered impaired loans with no allowance |  | $ | 26,569 |  |  | 43,582 |  |  | − |  |  | 39,215
Total impaired loans with no allowance recorded |  | $ | 44,174 |  |  | 63,926 |  |  | − |  |  | 56,864
Non-covered loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - unsecured |  | $ | 115 |  |  | 115 |  |  | 63 |  |  | 72
Commercial - secured |  |  | 392 |  |  | 394 |  |  | 64 |  |  | 1,081
Secured by inventory and accounts receivable |  |  | 75 |  |  | 75 |  |  | 75 |  |  | 80
Real estate – construction, land development & other land loans |  |  | 1,629 |  |  | 2,148 |  |  | 544 |  |  | 2,339
Real estate – residential, farmland, and multi-family |  |  | 15,228 |  |  | 15,642 |  |  | 1,162 |  |  | 13,417
Real estate – home equity lines of credit |  |  | 22 |  |  | 22 |  |  | 1 |  |  | 637
Real estate – commercial |  |  | 9,570 |  |  | 10,873 |  |  | 649 |  |  | 5,914
Consumer |  |  | 13 |  |  | 35 |  |  | 1 |  |  | 466
Total non-covered impaired loans with allowance |  | $ | 27,044 |  |  | 29,304 |  |  | 2,559 |  |  | 24,006
Total covered impaired loans with allowance |  | $ | 16,538 |  |  | 21,540 |  |  | 3,112 |  |  | 14,343
Total impaired loans with an allowance recorded |  | $ | 43,582 |  |  | 50,844 |  |  | 5,671 |  |  | 38,349
Schedule of recorded investment in loans by credit quality indicators | The following describes the Company's internal risk grades in ascending order of likelihood of loss:
| Numerical Risk Grade | Description
Pass: |  |
| 1 | Cash secured loans.
| 2 | Non-cash secured loans that have no minor or major exceptions to the lending guidelines.
| 3 | Non-cash secured loans that have no major exceptions to the lending guidelines.
Weak Pass: |  |
| 4 | Non-cash secured loans that have minor or major exceptions to the lending guidelines, but the exceptions are properly mitigated.
Watch or Standard: |  |
| 9 | Loans that meet the guidelines for a Risk Graded 5 loan, except the collateral coverage is sufficient to satisfy the debt with no risk of loss under reasonable circumstances. This category also includes all loans to insiders and any other loan that management elects to monitor on the watch list.
Special Mention: |  |
| 5 | Existing loans with major exceptions that cannot be mitigated.
Classified: |  |
| 6 | Loans that have a well-defined weakness that may jeopardize the liquidation of the debt if deficiencies are not corrected.
| 7 | Loans that have a well-defined weakness that make the collection or liquidation improbable.
| 8 | Loans that are considered uncollectible and are in the process of being charged-off.
The following table presents the Company's recorded investment in loans by credit quality indicators as of September 30, 2014.
($ in thousands) |  | Credit Quality Indicator (Grouped by Internally Assigned Grade) |  |  |
|  | Pass (Grades 1, 2, & 3) |  | Weak Pass (Grade 4) |  | Watch or Standard Loans (Grade 9) |  | Special Mention Loans (Grade 5) |  | Classified Loans (Grades 6, 7, & 8) |  | Nonaccrual Loans |  | Total
Non-covered loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - unsecured |  | $ | 12,240 |  |  | 17,394 |  |  | 5 |  |  | 1,415 |  |  | 2,420 |  |  | 249 |  |  | 33,723
Commercial - secured |  |  | 34,385 |  |  | 68,397 |  |  | 63 |  |  | 4,602 |  |  | 4,459 |  |  | 3,498 |  |  | 115,404
Secured by inventory and accounts receivable |  |  | 7,585 |  |  | 11,510 |  |  | − |  |  | 1,186 |  |  | 849 |  |  | 391 |  |  | 21,521
Real estate – construction, land development & other land loans |  |  | 84,414 |  |  | 144,702 |  |  | 1,571 |  |  | 12,989 |  |  | 12,379 |  |  | 10,364 |  |  | 266,419
Real estate – residential, farmland, and multi-family |  |  | 221,422 |  |  | 529,203 |  |  | 4,470 |  |  | 44,584 |  |  | 35,421 |  |  | 25,118 |  |  | 860,218
Real estate – home equity lines of credit |  |  | 123,649 |  |  | 62,223 |  |  | 1,258 |  |  | 4,320 |  |  | 5,210 |  |  | 2,317 |  |  | 198,977
Real estate - commercial |  |  | 188,845 |  |  | 492,862 |  |  | 7,568 |  |  | 30,705 |  |  | 20,996 |  |  | 11,132 |  |  | 752,108
Consumer |  |  | 24,679 |  |  | 16,995 |  |  | 53 |  |  | 756 |  |  | 707 |  |  | 551 |  |  | 43,741
Total |  | $ | 697,219 |  |  | 1,343,286 |  |  | 14,988 |  |  | 100,557 |  |  | 82,441 |  |  | 53,620 |  |  | 2,292,111
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 730
Total non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,292,841
Total covered loans |  | $ | 14,615 |  |  | 75,618 |  |  | 34 |  |  | 10,050 |  |  | 22,454 |  |  | 10,478 |  |  | 133,249
Total loans |  | $ | 711,834 |  |  | 1,418,904 |  |  | 15,022 |  |  | 110,607 |  |  | 104,895 |  |  | 64,098 |  |  | 2,426,090
At September 30, 2014, there was an insignificant amount of loans that were graded “8” with an accruing status. As previously discussed, on July 1, 2014 the Company transferred $39.7 million of loans from the covered category to the non-covered category as a result of the expiration of one of the Company's loss-share agreements with the FDIC. Approximately $2.8 million of those loans were “Special Mention Loans”, $5.5 million were “Classified Loans”, and $9.7 million were “Nonaccrual Loans”. The following table presents the Company's recorded investment in loans by credit quality indicators as of December 31, 2013.
($ in thousands) |  | Credit Quality Indicator (Grouped by Internally Assigned Grade) |  |  |  |  |  |  |  |
|  | Pass (Grades 1, 2, & 3) |  | Weak Pass (Grade 4) |  | Watch or Standard Loans (Grade 9) |  | Special Mention Loans (Grade 5) |  | Classified Loans (Grades 6, 7, & 8) |  | Nonaccrual Loans |  | Total
Non-covered loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - unsecured |  | $ | 8,495 |  |  |  | 24,415 |  |  |  | 7 |  |  |  | 1,509 |  |  |  | 2,367 |  |  |  | 222 |  |  |  | 37,015 |
Commercial - secured |  |  | 31,494 |  |  |  | 77,441 |  |  |  | 100 |  |  |  | 5,597 |  |  |  | 4,986 |  |  |  | 2,662 |  |  |  | 122,280 |
Secured by inventory and accounts receivable |  |  | 4,098 |  |  |  | 12,800 |  |  |  | − |  |  |  | 2,022 |  |  |  | 1,711 |  |  |  | 545 |  |  |  | 21,176 |
Real estate – construction, land development & other land loans |  |  | 31,221 |  |  |  | 181,050 |  |  |  | 2,365 |  |  |  | 11,646 |  |  |  | 10,333 |  |  |  | 8,055 |  |  |  | 244,670 |
Real estate – residential, farmland, and multi-family |  |  | 227,053 |  |  |  | 540,349 |  |  |  | 5,062 |  |  |  | 41,583 |  |  |  | 37,526 |  |  |  | 17,814 |  |  |  | 869,387 |
Real estate – home equity lines of credit |  |  | 120,205 |  |  |  | 63,400 |  |  |  | 1,499 |  |  |  | 5,699 |  |  |  | 5,124 |  |  |  | 2,200 |  |  |  | 198,127 |
Real estate - commercial |  |  | 115,397 |  |  |  | 533,680 |  |  |  | 10,014 |  |  |  | 24,557 |  |  |  | 15,843 |  |  |  | 10,115 |  |  |  | 709,606 |
Consumer |  |  | 25,703 |  |  |  | 21,790 |  |  |  | 54 |  |  |  | 829 |  |  |  | 995 |  |  |  | 325 |  |  |  | 49,696 |
Total |  | $ | 563,666 |  |  |  | 1,454,925 |  |  |  | 19,101 |  |  |  | 93,442 |  |  |  | 78,885 |  |  |  | 41,938 |  |  |  | 2,251,957 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 928 |
Total non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,252,885 |
Total covered loans |  | $ | 25,078 |  |  |  | 92,147 |  |  |  | − |  |  |  | 8,857 |  |  |  | 47,010 |  |  |  | 37,217 |  |  |  | 210,309 |
Total loans |  | $ | 588,744 |  |  |  | 1,547,072 |  |  |  | 19,101 |  |  |  | 102,299 |  |  |  | 125,895 |  |  |  | 79,155 |  |  |  | 2,463,194 |
Schedule of information related to loans modified in a troubled debt restructuring | The following table presents information related to loans modified in a troubled debt restructuring during the three and nine months ended September 30, 2014.
($ in thousands) |  |  | For the three months ended September 30, 2014 |  |
|  |  | Number of Contracts |  | Pre-Modification Restructured Balances |  | Post-Modification Restructured Balances
Non-covered TDRs – Accruing |  |  |  |  |  |  |
Real estate – residential, farmland, and multi-family |  |  |  | 1 |  | $ | 36 |  | $ | 36
Non-covered TDRs - Nonaccrual |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - secured |  |  |  | 1 |  |  | 15 |  |  | 15
Real estate – residential, farmland, and multi-family |  |  |  | 3 |  |  | 275 |  |  | 275
Total non-covered TDRs arising during period |  |  |  | 5 |  |  | 326 |  |  | 326
Total covered TDRs arising during period– Accruing |  |  |  | 1 |  | $ | 680 |  | $ | 667
Total covered TDRs arising during period – Nonaccrual |  |  |  | 2 |  |  | 150 |  |  | 145
Total TDRs arising during period |  |  |  | 8 |  | $ | 1,156 |  | $ | 1,138
($ in thousands) |  |  | For the nine months ended September 30, 2014 |  |
|  |  | Number of Contracts |  | Pre-Modification Restructured Balances |  | Post-Modification Restructured Balances
Non-covered TDRs – Accruing |  |  |  |  |  |  |
Real estate – residential, farmland, and multi-family |  |  |  | 7 |  | $ | 713 |  | $ | 713
Non-covered TDRs - Nonaccrual |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - secured |  |  |  | 1 |  |  | 15 |  |  | 15
Real estate – residential, farmland, and multi-family |  |  |  | 7 |  |  | 713 |  |  | 713
Total non-covered TDRs arising during period |  |  |  | 15 |  |  | 1,441 |  |  | 1,441
Total covered TDRs arising during period– Accruing |  |  |  | 3 |  | $ | 928 |  | $ | 912
Total covered TDRs arising during period – Nonaccrual |  |  |  | 7 |  |  | 860 |  |  | 827
Total TDRs arising during period |  |  |  | 25 |  | $ | 3,229 |  | $ | 3,180
The following table presents information related to loans modified in a troubled debt restructuring during the three and nine months ended September 30, 2013.
($ in thousands) |  |  | For the three months ended September 30, 2013
|  |  | Number of Contracts |  | Pre-Modification Restructured Balances |  | Post-Modification Restructured Balances
Non-covered TDRs – Accruing |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |
Commercial - unsecured |  |  |  | 1 |  | $ | 66 |  | $ | 66
Commercial - secured |  |  |  | 5 |  |  | 322 |  |  | 322
Real estate – construction, land development & other land loans |  |  |  | 2 |  |  | 1,261 |  |  | 1,261
Real estate – residential, farmland, and multi-family |  |  |  | 1 |  |  | 174 |  |  | 174
Real estate – commercial |  |  |  | 4 |  |  | 4,933 |  |  | 4,933
Non-covered TDRs – Nonaccrual |  |  |  |  |  |  |  |  |  |
Real estate – construction, land development & other land loans |  |  |  | 3 |  |  | 800 |  |  | 800
Real estate – residential, farmland, and multi-family |  |  |  | 3 |  |  | 395 |  |  | 395
Real estate – commercial |  |  |  | 1 |  |  | 398 |  |  | 398
Total non-covered TDRs arising during period |  |  |  | 20 |  |  | 8,349 |  |  | 8,349
Total covered TDRs arising during period– Accruing |  |  |  | − |  | $ | − |  | $ | −
Total covered TDRs arising during period – Nonaccrual |  |  |  | 1 |  |  | 187 |  |  | 167
Total TDRs arising during period |  |  |  | 21 |  | $ | 8,536 |  | $ | 8,516
($ in thousands) |  |  | For the nine months ended September 30, 2013 |  |
|  |  | Number of Contracts |  | Pre-Modification Restructured Balances |  | Post-Modification Restructured Balances
Non-covered TDRs – Accruing |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |
Commercial - unsecured |  |  |  | 1 |  | $ | 66 |  | $ | 66
Commercial - secured |  |  |  | 5 |  |  | 322 |  |  | 322
Real estate – construction, land development & other land loans |  |  |  | 2 |  |  | 1,261 |  |  | 1,261
Real estate – residential, farmland, and multi-family |  |  |  | 10 |  |  | 1,256 |  |  | 1,258
Real estate – commercial |  |  |  | 7 |  |  | 5,567 |  |  | 5,567
Consumer |  |  |  | 1 |  |  | 14 |  |  | 14
Non-covered TDRs – Nonaccrual |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate – construction, land development & other land loans |  |  |  | 3 |  |  | 800 |  |  | 800
Real estate – residential, farmland, and multi-family |  |  |  | 6 |  |  | 604 |  |  | 604
Real estate – commercial |  |  |  | 1 |  |  | 398 |  |  | 398
Total non-covered TDRs arising during period |  |  |  | 36 |  |  | 10,288 |  |  | 10,290
Total covered TDRs arising during period– Accruing |  |  |  | 4 |  | $ | 359 |  | $ | 351
Total covered TDRs arising during period – Nonaccrual |  |  |  | 1 |  |  | 187 |  |  | 167
Total TDRs arising during period |  |  |  | 41 |  | $ | 10,834 |  | $ | 10,808
Schedule od accruing restructured loans that defaulted in the period | Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three and nine months ended September 30, 2014 are presented in the table below. The Company considers a loan to have defaulted when it becomes 90 or more days delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to foreclosed real estate.
($ in thousands) |  | For the three months ended September 30, 2014 |  | For the nine months ended September 30, 2014
|  | Number of Contracts |  | Recorded Investment |  | Number of Contracts |  | Recorded Investment |
Non-covered accruing TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate – construction, land development & other land loans |  |  | - |  | $ | - |  |  | 1 |  | $ | 5 |
Real estate – commercial |  |  | - |  |  | - |  |  | 1 |  |  | 71 |
Total non-covered TDRs that subsequently defaulted |  |  | - |  | $ | - |  |  | 2 |  | $ | 76 |
Total accruing covered TDRs that subsequently defaulted |  |  | - |  | $ | - |  |  | - |  | $ | - |
Total accruing TDRs that subsequently defaulted |  |  | - |  | $ | - |  |  | 2 |  | $ | 76 |
Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three and nine months ended September 30, 2013 are presented in the table below.
($ in thousands) |  | For the three months ended September 30, 2013 |  | For the nine months ended September 30, 2013
|  | Number of Contracts |  | Recorded Investment |  | Number of Contracts |  | Recorded Investment |
Non-covered accruing TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate – construction, land development & other land loans |  |  | - |  | $ | - |  |  | 1 |  | $ | 342 |
Real estate – residential, farmland, and multi-family |  |  | - |  |  | - |  |  | 1 |  |  | 252 |
Total non-covered TDRs that subsequently defaulted |  |  | - |  | $ | - |  |  | 2 |  | $ | 594 |
Total accruing covered TDRs that subsequently defaulted |  |  | - |  | $ | - |  |  | 1 |  | $ | 3,501 |
Total accruing TDRs that subsequently defaulted |  |  | - |  | $ | - |  |  | 3 |  | $ | 4,095 |

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